50-year-old Greater Manchester business collapses owing £4m and making 30 redundancies
A Greater Manchester children's arts and crafts maker owed almost £4m when it collapsed into administration and 30 people were made redundant, it has been revealed.
In February, the specialist business advisory firm said Brian Clegg had been "loss making for some time and suffered from sustained cashflow pressure from rising input prices". FRP said that three of the offers were for the business as a going concern on a pre-packaged basis. But the firm added that one was "materially below asset value and therefore did not represent a good outcome for creditors" and two had "onerous conditions attached, rendering them undeliverable".
"This exacerbated cash pressures towards the end of December 2022 and was compounded by a reduced order book, in part by restricted budgets in the education sector."
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